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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
3729011
2022-07-01
2023-06-30
3729011
2023-06-30
3729011
2022-06-30
3729011
2021-07-01
2022-06-30
3729011
2022-06-30
3729011
2021-06-30
3729011
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-07-01
2023-06-30
3729011
core:PlantMachinery
2022-07-01
2023-06-30
3729011
core:FurnitureFittings
2022-07-01
2023-06-30
3729011
core:MotorVehicles
2022-07-01
2023-06-30
3729011
bus:Director1
2022-07-01
2023-06-30
3729011
core:WithinOneYear
2023-06-30
3729011
core:WithinOneYear
2022-06-30
3729011
core:AfterOneYear
2023-06-30
3729011
core:AfterOneYear
2022-06-30
3729011
core:ShareCapital
2023-06-30
3729011
core:ShareCapital
2022-06-30
3729011
core:RetainedEarningsAccumulatedLosses
2023-06-30
3729011
core:RetainedEarningsAccumulatedLosses
2022-06-30
3729011
bus:SmallEntities
2022-07-01
2023-06-30
3729011
bus:AuditExempt-NoAccountantsReport
2022-07-01
2023-06-30
3729011
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
3729011
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
3729011
bus:AbridgedAccounts
2022-07-01
2023-06-30
3729011
core:ComputerEquipment
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
3729011
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
4 |
|
2,463,650 |
2,410,831 |
|
|
|
|
|
Current assets
Debtors |
1,847,970 |
|
1,521,391 |
Cash at bank and in hand |
16,877 |
|
2,341 |
|
------------ |
|
------------ |
|
1,864,847 |
|
1,523,732 |
|
|
|
|
Creditors: amounts falling due within one year |
1,774,016 |
|
1,368,515 |
|
------------ |
|
------------ |
Net current assets |
|
90,831 |
155,217 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,554,481 |
2,566,048 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
945,122 |
957,929 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
203,665 |
203,887 |
|
|
------------ |
------------ |
Net assets |
|
1,405,694 |
1,404,232 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
1,405,692 |
1,404,230 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,405,694 |
1,404,232 |
|
|
------------ |
------------ |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
30 June 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
21 December 2023
, and are signed on behalf of the board by:
Company registration number:
3729011
Notes to the Abridged Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Faber House, Eastern Road, Romford, Essex, RM1 3JP.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold Property |
- |
2% straight line |
|
Plant & machinery |
- |
33% straight line |
|
Fixtures & fittings |
- |
15% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
|
Office equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4.
Tangible assets
|
£ |
Cost or valuation |
|
At 1 July 2022 |
2,644,335 |
Additions |
95,285 |
Disposals |
(
7,000) |
Revaluations |
4,536 |
|
------------ |
At 30 June 2023 |
2,737,156 |
|
------------ |
Depreciation |
|
At 1 July 2022 |
233,504 |
Charge for the year |
88,137 |
Disposals |
(
6,606) |
Other movements |
(
41,529) |
|
------------ |
At 30 June 2023 |
273,506 |
|
------------ |
Carrying amount |
|
At 30 June 2023 |
2,463,650 |
|
------------ |
At 30 June 2022 |
2,410,831 |
|
------------ |
|
|
5.
Reserves
Included within the profit and loss reserve is an amount of £1,129,756 (2022: £1,169,575) which is not distributable.